Economic and fundamental developments 24-02-2022

24 Feb 2022 12:14 PM
  • Asian and US stock indices traded significantly lower today after Russian President Vladimir Putin announced the start of a military operation in Ukraine.
  • The US dollar rose against a basket of currencies, with the dollar index trading with gains of more than 0.40% today. The EURUSD pair edged lower below the $1.12 mark, and the sterling pound also fell to $1.34. The Japanese yen also rose against many currencies, including the US dollar, trading at 114 yen per 1 US dollar.
  • Gold prices rose to their highest levels since the beginning of 2021, trading above $1940, as safe-haven demand increased amid geopolitical tensions in Eastern Europe. Oil prices also rose strongly, with Brent crude contracts trading above $100.
  • Traders will keep their eyes on any developments regarding the Russian-Ukrainian tensions and how the Major Western nation will respond to the latest Russian move. From the economic calendar, US GDP data will be eyed with expectations of an acceleration of growth to 7.0% in the fourth quarter of 2021.


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